Emulex Corporation (NYSE: ELX) is managing a feat in the world of technology… it is raising guidance for its quarter. The company’s second quarter preliminary guidance puts revenues in a range of $127 to $128 million, above the higher-end of its guidance of $121 to $127 million. Thomson Reuters was barely at $124 million in sales expectations.
To make things even better, Emulex noted that non-GAAP earnings came to a range of $0.24 to $0.25, above the prior range of $0.17 to $0.20 EPS and above the Thomson Reuters consensus figure of $0.17 EPS.
Cited was as follows: Network Connectivity Products sales rose 10 percent sequentially and were about 75% of total sales. Storage Connectivity Products revenue rose 13% and was 20% of all sales.
Emulex went on to note that it has executed recovery plans from the Thailand flooding and is restoring full production capacity within the quarter. The management team also noted the “benefit of the upcoming OEM server platform refresh cycle related to the Intel Corporation (NASDAQ: INTC) Romley chipset and the expanding adoption of converged networks.
Emulex shares rose 0.5% to $7.39 today and the stock is up about 9% at $8.00 in the after-hours session against a 52-week range of $5.86 to $12.97.
JON C. OGG
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